AHDP Breaks Ground on Hilton Head Candlewood Suites

. October 14, 2008

JANUARY 24, 2008. American Hotel Development Partners, LLC and Glenmont Capital Management, LLC announced today that they have broken ground on their Candlewood Suites Hotel project located in Bluffton/Hilton Head Island, South Carolina.

Executives from American Hotel Development Partners (AHDP) were joined by local officials for the January 10th ground breaking ceremony. The $12 million extended-stay project is a four-story, 124-room hotel located on U.S. 278, seven miles east of Interstate 95, at the entrance to Sun City Hilton Head.

AHDP's Candlewood Suites in Bluffton/Hilton Head is slated to open this summer. The company anticipates excellent demand for the property.

'Candlewood Suites Hotels are designed for travelers' extended-stay comfort and efficient business environments,' said AHDP President Clyde Harris, a resident of Hilton Head, during the ground breaking ceremony. 'It is perfectly suited for visiting families and people looking at relocating in this area.'

The Hilton Head Candlewood features studios and one- and two-bedroom suites, all equipped with dishwashers, full-size refrigerators, stovetops and ample living and work areas. High-speed Internet access, two phone lines, voice mail and free local calls are also included.

'Candlewood Suites are focused on comfort, space and value,' Harris said. 'We are excited to bring this industry-leading, state-of-the-art hotel brand to the Bluffton and Hilton Head area.'

Guest speakers at the Candlewood's groundbreaking included Jerry Stewart, who represents Sun City Hilton Head on the Beaufort County Council.

AHDP, based in Sarasota, Fla., is currently developing 15 hotels, including Columbia, Savannah, Tampa, Fla., and Hazleton, Pa. AHDP is a vertically integrated hotel company acting as developer, owner and manager of all facilities. AHDP's principals have a combined 75 years of experience in the hotel industry, including managing partner and CEO Dr. Alex Giannini, and CFO Armando Yanez.

AHDP is partnering with New York-based real estate investment firm Glenmont Capital Management LLC for the development of several extended-stay hotels, including this Candlewood Suites.

Larry Kestin, managing principal of Glenmont Capital Management, said 'We believe we have identified a growing segment of the hotel market where we can achieve extraordinary returns for our investors, and we have also ventured with a quality group in AHDP, the principals of which we believe are well positioned to take advantage of the opportunities in the market.'

Harris added that 'the combination of the resources of American Hotel Development Partners and Glenmont Capital Management provides a significant capital base to fuel the continued growth of our venture.'

'Extended-stay markets in South Carolina, including Bluffton and Hilton Head, demand more rooms,' said Harris, who served as Director of Development for giant InterContinental Hotels Group where he was responsible for all corporate development activities. 'Forty percent of the lodging industry's customers want an extended-stay product, yet only six percent of lodging supply in the U.S. is extended-stay. We see a growing need, and we are working fast to enter the market and bring to bear high-quality properties.'

'South Carolina is one of the nation's most popular states for visitors and new residents,' Harris said, pointing out that it is the 10th fastest growing state in the country. Additionally, state officials forecast that by 2030, 13,000 new hotel rooms will be needed to keep up with demand.

The hotel will be managed by Harris Hotel Group. 'We are involved in the communities in which we build,' Harris remarked. 'We seek to be good neighbors and a welcomed addition to each community.'

For more information, visit American Hotel Development Partners online at www.ahdpfl.com.

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